Your profits could be walking out the door. What procedures do you have in place to minimize theft in your supply chain?
We all experience a certain amount of inventory shrinkage in our supply chain businesses. Still, if you don’t keep on top of this, it can result in a considerable amount of financial loss. Inventory loss... Read More
Safety stock is the key!
Achieving the magical balance of minimal inventory while meeting variable customer demand in the face of unreliable supply is only possible with optimal safety stock levels. Without optimal safety stocks, product availability and the value... Read More
Talking Sage Summit 2016 with Russ Graf from NETSTOCK
The dust is starting to settle on a busy and action-packed Sage Summit 2016 in Chicago. With nearly 15,000 people in attendance, the event was a must-visit for those connected with Sage Software. Among the... Read More
Time to ditch that inventory spreadsheet
Every day, we talk to frustrated inventory managers that are looking for ways to improve their inventory planning process. Often, they’re stuck on a spreadsheet to manage their ordering, and that’s why we’ve been glued... Read More
The scary reality of the “MASTER” spreadsheet
If you’ve been following along with the Inventory Mentor’s series on inventory spreadsheets like we have, you’ll be interested by their latest post. The gist is simple: you’ve put in a major effort to build... Read More
The complexities of inventory spreadsheets
We’ve been following the new series from the team over at The Inventory Mentor about inventory spreadsheets. Last week, they took a look at the issues around data and how unlikely it is that your... Read More
Does your inventory spreadsheet add up?
Managing an inventory spreadsheet means you need to manage lots of data. If you plug in quality inputs, then you’ll get decently reliable outputs; that’s not too complicated, right? Well, you might be missing a... Read More
Inventory spreadsheets come with a cost
If you deal with inventory forecasting, planning, or purchasing, you probably deal with Excel. It has become standard practice for inventory planners to run part or all of their replenishment process using a ‘MASTER’ spreadsheet.... Read More
The 9 steps to placing optimal replenishment orders
A review of stock-outs and items with excess inventory will generally lead to the conclusion that the orders placed were incorrect. Whilst there are many factors that contribute to stock-outs and excess, the best chance... Read More
What is more important – Inventory Management or Inventory Control?
Every business has an Inventory Control System which tracks the physical movement of inventory. These system are essential to account for inventory, track inventory and monitor inventory. What do Inventory Control Systems do? These systems... Read More
Lagging indicators are a death to sales
Most ERP systems can tell you when something has gone wrong: You are out of stock of an item and cannot fulfil your sales obligations You just received a purchase order, but it’s too much... Read More
The ABC’s of inventory classification
It is difficult to view hundreds, or even thousands, of inventory items every day and make an informed decision on what to buy, what’s running short and what you have too much of. The best... Read More
The main reasons stock-outs occur
What causes stock-outs? A common reaction to stock-outs is that “the buyer did not buy enough”. Stock-outs are bad for business, so it is important to understand the main reasons that stock-outs occur. In order... Read More
The impact of inventory risk on your business
As the owner/manager of a business you would have experienced the difficulties in getting the balance right between providing customers with a high level of service while targeting a specific inventory value or stock turn.... Read More
Do you know what your fill rate is?
Most businesses have only anecdotal information about their fill rate, relying on gut feel and previous experience. They will say things like “we can fulfil customer orders at least 85% of the time.” They get... Read More
Are you getting value from your inventory management system?
Are you still experiencing an unacceptable level of stocks out? Do you still have excess inventory? If you have an Inventory Management System (IMS) and the answer to these questions is yes, then you may... Read More